Jio and BlackRock Form Investment Advisory JV

Jio Financial Services has partnered with BlackRock Advisors Singapore to establish a joint venture called Jio BlackRock Investment Advisers Private Limited. The venture, incorporated on September 6, aims to offer investment advisory services. Jio has committed Rs 3 crore for initial equity shares, pending regulatory approvals.

In a significant development, Jio Financial Services announced on Sunday the formation of a joint venture with BlackRock Advisors Singapore Pte Ltd. The new entity, Jio BlackRock Investment Advisers Private Limited, is set to operate primarily in the investment advisory sector.

According to a company filing, Jio Financial Services will invest Rs 3 crore towards an initial subscription consisting of 30,00,000 equity shares, each with a face value of Rs 10. The venture was officially incorporated on September 6 and received its Certificate of Incorporation from the Ministry of Corporate Affairs on September 7, 2024.

Jio Financial Services Ltd, the demerged financial services arm of Mukesh Ambani's Reliance, had earlier unveiled plans for joint ventures in asset management and wealth management with BlackRock. Additionally, Jio Finance Ltd, a non-banking financial company under Jio Financial Services, is nearing the launch of home loans and plans to offer loans against property and securities.

(With inputs from agencies.)